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Rising Demand For Lab Automation Drives The Laboratory Information System Market: Key Factor Driving The Growth In The Laboratory Information System Market
Laboratory Information System
What Is the Expected Laboratory Information System Market Size During the Forecast Period?
The laboratory information system market has grown strongly, expected to grow from $2.57 billion in 2024 to $2.75 billion in 2025, with a CAGR of 7.0%. Past growth is attributed to technological innovations, increasing demand for healthcare services, better data management and integration, and a focus on quality assurance and reporting.
The laboratory information system market is expected to grow rapidly, reaching $4.29 billion by 2029 at a CAGR of 11.8%. This growth is attributed to digital transformation in healthcare, the rise of personalized medicine, AI and machine learning applications, and the growth of point-of-care testing (POCT). Key trends include integration with electronic health records (EHR), the adoption of cloud-based LIS, enhanced data security and privacy, and laboratory automation.
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What Are the High-Growth Segments in the Laboratory Information System Market?
The laboratory information system market covered in this report is segmented -
1) By Product: Standalone LIS, Integrated LIS
2) By Component: Software, Services
3) By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Other End Users
Subsegments:
1) By Standalone LIS: On-premise Standalone LIS, Cloud-based Standalone LIS
2) By Integrated LIS: Laboratory And Hospital Information System (LIS-HIS) Integration, Laboratory And Electronic Health Records (LIS-EHR) Integration
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What Key Drivers Are Expected to Influence Future Laboratory Information System Market Growth?
The surge in demand for lab automation is fueling growth in the laboratory information system market. Laboratories are increasingly adopting automated technologies to handle higher testing volumes and reduce staff burden. According to the U.S. Bureau of Labor Statistics, 12,000 additional lab professionals are needed yearly, but only half are entering the field. For example, TriCore Reference Laboratories uses automation for 20% of its instruments, which process 80% of lab samples, improving accuracy and efficiency.
Which Companies Hold the Largest Share Across Different Laboratory Information System Market Segments?
Major companies operating in the laboratory information system market include Cerner Corporation, McKesson Corporation, Epic Corporation Inc., Medical Information Technology Inc., SCC Soft Computer Inc., Sunquest Information Systems Inc., CompuGroup Medical AG, Computer Programs and Systems Inc., Merge Healthcare Inc., Orchard Software Corporation, Abbott Laboratories, LabWare Inc., Thermo Fisher Scientific Inc., LigoLab LLC, Clinisys Group Ltd., Labvantage Solutions Inc., Labgen LIS, Polytech LIS, Avalon GloboCare Corp, NovoPath Inc., LABTRACK LIMS, Dendi Inc., Agilent Technologies Inc., QA Studio, Cirdan Imaging Ltd., Ovation Services Private Ltd., BioData Inc., Technidata AG, Psyche Systems Corporation, Data Innovations LLC
What Trends Are Driving Growth in The Laboratory Information System Market?
Cloud-based laboratory information systems are emerging as a leading trend in the laboratory information systems market. These systems, such as APEX and Arxspan, offer benefits like cost-efficiency, increased speed, and improved productivity, driving the adoption of cloud technologies in laboratories to enhance patient care and reduce errors.
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What Are the Emerging Geographies for The Laboratory Information System Market Growth?
North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Laboratory Information System Market?
2. What is the CAGR expected in the Laboratory Information System Market?
3. What Are the Key Innovations Transforming the Laboratory Information System Industry?
4. Which Region Is Leading the Laboratory Information System Market?
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